Q. I bought rental property in 2010 and rehabbed it before renting it out. I know that the home improvements should be depreciated. I don't know where to include it on form 4562. Do I add it to the purchase price (minus the land value) and make one entry? Or do I enter home improvements and building depreciation on separate lines or separate forms?
A. Get yourself a copy of TurboTax Premier edition and it does all the dirty work for you. The best $70 I ever spent!
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